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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Charges Sapphire Glass Manufacturer and Former CEO With Fraud
The Securities and Exchange Commission today charged a New Hampshire-based company and its former CEO with misleading investors about the company’s ability to supply “sapphire glass” for Apple’s iPhones. The company, GT Advanced Technologies Inc., also is found to have misclassified more than $300 million in debt to Apple that resulted from its repeated failures […]
Adam S. Aderton Named Co-Chief of the Asset Management Unit
The Securities and Exchange Commission today announced that Adam S. Aderton has been named Co-Chief of the Division of Enforcement’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds. He succeeds Anthony Kelly, who left the agency in November 2018. via SEC.gov | Adam S. Aderton […]
D.C. Circuit Tells SEC That a Negligent Omission Can’t Be Willful | Insights | Sidley Austin LLP
A decision this week by the U.S. Court of Appeals for the D.C. Circuit rejected the traditional approach of the Securities and Exchange Commission that “willful” conduct is a low standard that simply means that a respondent knows what he or she is doing. On April 30, in The Robare Group, LTD. v. SEC, No. […]
Uber, Beyond Meat rely on controversial clause to steer potential suits over IPOs – Reuters
Uber and Beyond Meat want to cut off the state-court option. (In general, corporations prefer not to litigate in more than one jurisdiction and prefer federal court, where judges may be more familiar with securities class action procedures.) In their filings with the Securities and Exchange Commission in April, both companies said their certificates of […]
SEC, PCAOB actions against accountants declined steeply in 2018 | Accounting Today
The U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board finalized 45 enforcement actions involving accountants in 2018, marking a significant decline from the 75 finalized actions involving accountants in 2017, according to a new Cornerstone Research report released Wednesday. According to the report, “Regulatory Actions Involving Accountants-2018,” the decrease in SEC actions […]